Bank of Singapore reportedly fires 40 employees after uncovering misuse of medical benefits
Bank of Singapore (BOS) — OCBC Group’s private banking arm — recently fired some employees after they were found to have misused medical benefits.
Source: Bank of Singapore on LinkedIn
Some of these employees allegedly submitted ineligible claims for items such as bird’s nest, skincare products, supplements, and toothbrushes.
Up to 40 employees were reportedly dismissed after being told to repay their ineligible claims.
Hundreds of employees involved in investigation
Speaking to Channel NewsAsia (CNA), some OCBC Group employees revealed that the investigation into the ineligible claims involved “hundreds” of staff members.
The investigations reportedly culminated in the termination of up to 40 employees.
According to eFinancialCareer — a financial services careers website — this apparently came after the employees repaid their ineligible claims.
In “more serious cases”, employees were given “disciplinary outcomes” that affected their bonuses.
These employees also did not receive a one-off cost-of-living support of S$1,000 given to junior staff across OCBC Group.
Employees cannot claim expenses that are “not medically needed”
The Straits Times (ST) reported that BOS employees can claim up to S$10,500 under their medical insurance.
Source: Spacewell Interiors
These include medical and dental expenses which reportedly include:
- Outpatient consultation and medication issued by a general practitioner or specialist
- Non-aesthetic dental services
- Vaccinations
- X-rays
- Blood tests
Expenses that are “not medically needed” are not allowed. These include:
- Cosmetic surgery
- Toothbrush
- Toothpaste
- Wheelchair
It was unclear what triggered the investigations, but CNA reported that BOS had contacted one of its panel-approved clinics — believed to be Drs Thompson & Thomson (DTT) in Raffles Place — for its records.
Last November, OCBC and BOS employees received emails informing them that HR would no longer reimburse invoices from DTT.
However, a DTT spokesperson revealed to CNA that the clinic was never on BOS’ list of panel clinics.
The spokesperson added that the clinic follows strict protocols and regulations by the Ministry of Health and adheres to established guidelines for recording services provided.
BOS spokesperson says staff matters are “confidential”
When contacted, BOS was rather coy about the alleged dismissals.
A BOS spokesperson told CNA that staff matters are “confidential” but that any alleged wrongdoings will be “investigated and reviewed according to the bank’s investigative and disciplinary framework”.
The spokesperson also shared that affected employees will be given the “time and opportunity to be heard”.
The bank will take the appropriate disciplinary actions if they find any wrongdoing after the investigation and necessary disciplinary checks.
Also read: Apple lays off 600 employees in California after cancelling electric car project
Apple lays off 600 employees in California after cancelling electric car project
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Featured image adapted from Spacewell Interiors.
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